Russia Did A Rate Hike This Morning, And It's Already Failing

It's a rough day for Russia.

Earlier S&P cut the country's credit rating to one notch above junk.

Then after that, the Russian central bank did a surprise rate hike (lifting its main rate from 7.0% to 7.5%) to help revive the flagging ruble.

But that's already failing. Here's a chart of the dollar against the ruble. The dollar is now at its highs of the day against the Russian currency.